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Repurchase Shares. - ASML HOLDING NV - 3-8-2012

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Repurchase Shares. - ASML HOLDING NV - 3-8-2012 Powered By Docstoc
					UBS Technology Conference 2012
London
Franki D’Hoore, Director Investor Relations
March 8, 2012    
Safe Harbor
"Safe Harbor" Statement under the US Private Securities Litigation Refor
the matters discussed in this document may include forward-looking state
including statements made about our outlook, realization of systems backl
demand, financial results, average selling price, gross margin and expens
policy and intention to repurchase shares.

These forward looking statements are subject to risks and uncertainties i
not limited to: economic conditions, product demand and semiconductor e
industry capacity, worldwide demand and manufacturing capacity utilizatio
semiconductors (the principal product of our customer base), including th
general economic conditions on consumer confidence and demand for our
products, competitive products and pricing, the impact of manufacturing e
and capacity constraints, the continuing success of technology advances
related pace of new product development and customer acceptance of n
our ability to enforce patents and protect intellectual property rights, the r
intellectual property litigation, availability of raw materials and critical man
equipment, trade environment, changes in exchange rates, available cash
reserves for dividend payments and share repurchases, and other risks in
risk factors included in ASML’s Annual Report on Form 20-F and other fili
US Securities and Exchange Commission.



        / Slide 2
Agenda

• Business summary
• Outlook
• ASML technology strategy




     / Slide 3
            Business summary




/ Slide 4
Total net sales M€
6,000
                                                                         5,


5,000                                                                    1,
                                                                 4,508

4,000                           3,768
              3,582                                              1,521   1,
                                 955
               1,053                             2,954
3,000
                                                  494
                                 934                             1,176
                                                  697                    1,
2,000           958
                                                         1,596
                                 930              844    581     1,069
1,000           942
                                                         555             1,
                                 949              919    277      742
                629
                                                         183
     0
              2006              2007             2008    2009    2010    2

Numbers have been rounded for readers’ convenience.



           / Slide 5
Key financial trends 2010 – 2011
Consolidated statements of operations M€

                                                       Q4 10   Q1 11   Q2 11   Q

                             Net Sales                 1,521   1,452   1,529   1,
                          Gross profit                   685     649     690
                       Gross margin %                  45.0%   44.7%   45.1%   42
                            R&D costs                    141     145     145
                          SG&A costs                      50      54     51
        Income from operations                           494     450     494
           Operating income %                          32.4%   31.0%   32.3%   27
                  Net income                             407     395     432
Net income as a % of net sales                         26.7%   27.2%   28.3%   24

                            Units sold                    69      63     63
                 ASP new systems                        22.4    22.5    22.7
               Net bookings value                      2,315     845     840



 Numbers have been rounded for readers’ convenience.



           / Slide 6
  Backlog in value per Dec 31, 2011
  Total value M€ 1,733
                                                                                 New
                         Technology                                            syste
                                                                    Units         61
                                   KrF 29%                                       1,70
                                                                   Value M€
                                             I-Line 2%             ASP M€        27.9
                                              ArF dry 5%
           ArF immersion 64%
                                                                  Japan 8%
                                                                              Singapo

                                                        USA 28%                  Eur
End-use
                          Foundry 50%

                                                                                  Ch

     IDM 23%
                                                   Taiwan 14%

                                                                     Korea 30%
                               NAND 16%
         DRAM 11%



  • 75% of backlog carry shipment dates in the next 6
  Numbers have been rounded for readers’ convenience.

             / Slide 7
Cash return to shareholders

• ASML proposes to increase dividend by 15% to € 0.
  ordinary share
• ASML increases the existing 1 billion share buyba
  € 1,130 million enabling maximum use of available
  tax-exempt allowance in 2012
• In 2012 ASML also intends to purchase up to 2.2
  for the purpose of covering outstanding employee
  option plans. These shares will be held as treasur




     / Slide 8
ASML has returned nearly € 3.3 billion
the past 6 years
                 3500          Cumulative Cash Return 2006-2011

                 3000

                 2500

                 2000

                 1500

                 1000

                  500

                   0
                        2006    2007    2008    2009   2010

•   Repurchased more than 143 million shares since 2006
    representing approx. 30% of outstanding shares
     / Slide 9
         Outlook Q1 2011




/ Slide 10
 Q1 Outlook

  • Net sales around € 1.2 billion
  • Bookings expected above Q4 2011 level (was €
  • Gross margin about 43%
  • R&D costs at € 145 million 
  • SG&A costs at € 54 million




ASML expects H1 2012 net sales of about €




      / Slide 11
ASML technology strat




/ Slide 12
Dual product development strategy con

Evolving high productivity NXT     Preparing EUV pl
platform optimized for multi       volume manufact
pass patterning processes          critical layers




 Concurrent development programs to enhance imagi
       productivity and process control on both platf

      / Slide 13
  Q4 immersion platform highlights

• Recognized 101 immersion tools
  in 2011 of which 78 were
  TWINSCAN NXT:1950i, our most
  advanced production systems


• Overlay accuracy of NXT:1950i
  improved by 30% on product
  wafers


• Multiple NXT:1950i systems
  printed more than 4000 wafers in
  a single day in customer’s fab



       / Slide 14
   EUV has arrived worldwide in Fabs




     System 1
Exposing wafers for
device development




     System 2
Exposing wafers for
device development




           System 3:
      Exposing wafers for       System 6:
      device development    Exposing wafers for
                            system qualification
              / Slide 15
Customer roadmaps indicate shrinks to <
        2011 - 2012                              2013 - 2014              2015 - 2016
 22 - 20nm                                 16 - 14nm               11 - 10nm
 Memory: 0.08um2, SRAM                     Memory: 0.05um2 SRAM    Memory: 0.03um2 SRAM
 Device: planar or FinFET                  Device: FinFET, FDSOI   Device: FinFET




 38 - 32nm                                 27 - 22nm               Node: 22 -16nm
 Memory: stacked MIM                       Memory: stacked MIM     Memory: stacked MIM
 Array: 6F2, bWL                           Array: 6F2, bWL         Array: 4F2, bBL, LBL,
                                                                   1T1C(VFET)




 24 - 19nm hp                              16 - 14nm hp            13 - 11nm hp
 4.5F - 6F2 asymm. cell                    6F2 asymmetric cell     7F2 asymmetric cell
 Density: 64 - 128G                        4F2 symmetric cell      4F2 symmetric cell      BICS SONOS)
                                                                                                    Bit Line
                                                                                                     Source
 Device: FG           ONO or
                      High-k
                                      CG   Density: 256 - 512G     Density: 512 - 1024G               SG
                                 FG
                                                                                                         WL
                                 FG
                                           Device: dual - FG       Device:: dual - FG,
                           STI

                                                                   I ntro toBiCS,


 Slide 16   |
                        Source: ASML & IMEC
ASML roadmaps support shrink to <10nm with ArF immersi
EUV insertion will vary by sector

                   2011 - 2012                 2013 - 2014     2015 - 2016       2
            22 - 20nm                   16 - 14nm            11 - 10nm         8-7
          ArFi: SE, LELE                 SE, SPT, 3xLE        SE, 4xLE, SPT, dbl.S

                                                       EUV

            38 - 32nm                   27 - 22nm            22 - 16nm         16 -

          ArFi: SE, DE, LELE, SPT                             dbl.SPT + Trim

                                                       EUV

            24 - 19nm hp                16 - 14nm hp         13 - 11nm hp      < 10

          ArFi: SE, SPT                            dbl.SPT

                                                       EUV

    Slide 17   |
                   Source: ASML & IMEC, 2011
EUV introduction by customers will be

• The low 2x nm technology nodes might introduce
  for critical layers
    • Timeline 2013 - 2014
• The mid 1x nm technology nodes will introduce E
  critical layers
    • Timeline 2015 and beyond
• Immersion will continue to be used for critical layer
  imaging in double patterning mode or for mid-criti
  layers in single patterning mode




      / Slide 18
       ASML Immersion Product Roadmap
       NXT:1950i provides performance extendibility until EUV


                                                                 TWINSCAN NXT

                                                Upgradeability




                                 2011                Extensions 2012       E

Matched Machine Overlay           5.5nm                     4.5nm
   On Product Overlay              9nm                       6nm
           CDU                     3nm                      1.5nm
Total focus control budget       110nm                      90nm
 Throughput (96 shots)          190 WPH                   230 WPH
  Defects (ASML test)        10 defects/Wafer          10 defects/Wafer

                                                                            *




       Slide 19   |
   Shrink drives more exposures and greate
   system requirements
              32/28nm Logic                                                     22/20nm Lo
   ArFi           ArF          KrF           KrF      I-Line           ArFi          ArF          KrF
   ArFi           ArF          KrF           KrF      I-Line           ArFi          ArF          KrF
   ArFi           ArF          KrF           KrF                       ArFi         ArFi          KrF
   ArFi                        KrF           KrF                       ArFi         ArFi          KrF
   ArFi                        KrF           KrF                       ArFi         ArFi          KrF
   ArFi                        KrF                                     ArFi         ArFi
                                                                                                8% la
   ArFi                                                                ArFi         ArFi
                                                                                                37%
   ArFi                                                                ArFi         ArFi
   ArFi                                                                ArFi         ArFi
   ArFi                                                                ArFi         ArFi          ArFi
37 litho layers (14 Critical – 23 nonCritical)                     40 litho layers (19 Critical – 21 non
38 litho exposures (13 SE, 1 LELE, 23 nonCritical)                 52 litho exposures (8 SE, 10 LELE,


                                                     45k wafers/month
                                 All scenarios are based on “typical” process using 2012 system
                                      productivity levels . Customers process and wafer start
                                                        requirements will vary.
         Slide 20   |
EUV simplifies process (and reduces cos
                         LELE relative to EUV

         Process steps         x2
         Cycle time              x2                              Process ste

         Additional costs      < 10%                             Cycle time
                                                                 Additional c

                                                                        QPT rela

                                                         Process steps          
                                                         Cycle time
                                                         Additional costs      




 Litho Etch                    Single           Double
                                                             EUV
 Litho Etch                    Spacer           Spacer


 Data is based on Customer interaction
  Slide 21   |
NXE technology roadmap has great exte
first illumination optimization, then NA increase


                            On site / in integration         In system definition
 Resolution [nm]             32            27      22        18           16   13         1
    wavelength [nm]                                                13.5


                                                                                            D
                      NA            0.25                          0.33
                                                                                         0.45

                coherence    =0.5          =0.8   =0.2-0.9        Flex-OAI           Extended
                                                                                    reduced p




                TIME




 Slide 22   |
    NXE:3100 imaging performance proven
    various customer applications




             16nm dense lines          27 nm Gate Layer          Flash stagge
                                            Flash                    Bitline pitch
                                                                          CH pitc




             Sub 16 nm node             Sub 16 nm node              30 nm Bri
            SRAM Contact Hole            SRAM metal-1
             0.038µm2 bit cell-size,   0.038µm2 bit cell-size,
                 hp 30/32 nm               hp 30/32 nm
Source: ASML

     Slide 23   |
The NXE:3100 has exposed more than 5,3
…and is enabling device development at customer sites




  Slide 24   |
   Building for volume production: new cl
   cabins available
   New EUV factory at ASML for ~3x capacity increase




 Existing EUV offices &
manufacturing, 8 cabins.

     New EUV offices &
manufacturing,15 cabins.
                                            Two cabin

   Slide 25   |
Summary and conclusions: EUV….here

     Imaging and Overlay performance of NXE: 3100
     good, and supports current customer device and
     development for 2xnm node

     NXE:3300B scheduled to ship to customers later

     EUV delivers:
               Single exposure shrink, fewer design restrictions, l
               complexity, less fab space
               and is extendable for many nodes to come


     ASML has made industrialization commitment of t
     and system stability


Slide 26   |